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the terrifying prospect that one result of the bankruptcy of the city of detroit could be the thousands of potential personal bankruptcies caused by the slashing of retirees' pensions. a full discussion on that is coming up. all that plus i am absolutely geeking out a little bit over what i think is the coolest car ever. the tesla. i will tell you why it's so cool but also why it's so important. >>> but tonight we begin with a man who i believe is the most dangerous politician on the american right. in october 2007 i sat in the media gallery of the united states supreme court and watched the solicitor general of texas argue on behalf of the state that he should have the ability to put to death a mexican national, jose, who had been convicted of raping and murdering two teenage girls in houston. he won that argument and he was executed by texas on august 5th, 2008, despite the objections of the united nations and the international court of justice. at the time, i had no idea who this man arguing on behalf of texas was. but all i could think was holy crap, this guy is good. it was one of
, detroit's bankruptcy is hurting investor's miles from michigan. plus, why soda is becoming a harder sell. and, here's man's new best friend: why more chickens and roosters are moving away from the farm. first business starts now. you're watching first business: financial news, analysis, and today's investment ideas. good morning! it's monday, august 12th. i'm angela miles. in today's first look: is the summer rally slipping away? the major indicies all fell friday, ending down for the entire week. it's the first weekly decline since june as traders fret over the fed's next move. gold was a gainer by $4. oil added on $2.63 apple shines in its patent case. the internationl trade commission ruled that samsung infringed on iphone patents owned by apple. samsung is expected to appeal. and aol has turned into a chatter stock. shares rose 2% friday on speculation the internet company is planning drastic cuts or that it may shut down its local news sites, called patch. scott shellady of trean group joins us on this monday morning. happy monday morning to you, scott. - good morning. - how critica
time. pension funds and officials from detroit are in the midst of a dispute. kevin orr, the city's emergency financial manager met with pension funds yesterday to determine the pension shortfall.orr says pensions are underfunded by about three and a half billion dollars. while those funds estimate the shortfall is less, about 600 million dollars. a detroit reporter tells us...the meeting was likely the first of many. "this is an ongoing dispute and i don't expect that the differences between the emergency manager's numbers and the pension fund's numbers are going to be resolved that lasts a few hours. my suspicion and again this is just a suspicion is that this will be the first of several kinds of these meetings that will take place here in the coming days and weeks." that was kirk pin-ho, of crain's detroit business. the deadline to file challenges to detroit's bankruptcy elligability was last night. pinho says the next battle coming down the pipeline: pension funds that filed challenges under grounds that pensions are protected under the constitution, and therefore detroit was
to take advantage of that. today, the final day for organizations to file objections to detroit's bankruptcy filings. they must find that the city is insolvent and has negotiated in good place with creditors. if detroit is deemed eligible, it will be the biggest case in u.s. history. lori: in the meantime, president obama getting back to business. meeting with financial regulators about implementing dodd-frank peter barnes has the very latest. peter: that is just one of the latest things he has on his plate. very busy with things like egypt and syria. the president would like to keep the focus on jobs and the economy. foreign-policy issues may not let him do that. he goes on a two were later this week. congress is out on its regular august recess. he has a megaphone right now and he needs to use it while he can. >> every president in their second term, lame ducks get closer every day. the president is walking a fine line of where he is in that timeline. peter: the end of the fiscal year is september 30. they have not worked out a deal to fund the government. they are looking at
of the texas rangers. a big one as well. jhonny peralta, detroit tigers. a great job. another name you have to look out for. could impact the team. and then everth cabrera. another up and coming, all-star caliber player, another guy that could be on the list. several others on the list. what people need to remember, these are the big names that could impact pennant races now. >> let's talk how many game suspensions, what are you hearing? >> could be basically remainder of the regular season. they want to get these done. if any of the teams make the playoffs, major league baseball wants the guys eligible for the post season. or maybe the teams want them to be able to come back and play in the toast season. it's important that they try to get the suspensions handed down. ryan braun was 65 games. regular season. post season. nelson cruz, a guy they want to get back. jhonny peralta, they want to get him back. >> tell us about the teams that will be hurt right now. >> the rangers, if texas loses nelson cruz. the team's struggled since losing josh hamilton to free agency. the yankees -- any third
at the rise of twit we are the company's co-founder in just a couple minutes. >>> plus, is the detroit bankruptcy just the beginning? we'll take a look at state and local governments to see who might be the next bankruptcy and where it might be coming. is your city next? >>> first up, as we told you a few moments ago, the president cancelling a summit with vl vladimir putin over the treatment of edward snowden. eamon javers is live in washington with the latest. >> carl, just within the past few minutes or so, the white house has put out a statement saying that the president now that he's got some time to kill while he's over in europe is going to visit sweden which the white house calls a close friend and partner and obvious jab at russia. the white house saying this morning that the president is not going to participate in this planned summit with vladimir putin, the russian president. he is, however, going to go to the g-20, that's in st. petersburg, russia. he's not going to have that moscow meeting with put putin, however. among the reasons was the decision to give edward snowden
. >> reporter: at only 21,000 production cars a year tesla isn't going to outdo detroit in volume any time soon. but when it comes to innovation the company is cornering the market. for "cbs this morning," ben tracy, fremont, california. >> great story. elon musk is a very interesting guy with a remarkable background in silicon valley. and he's been proven right here. i mean he's done something everybody that i know who has one loves it. >> i know. i never thought of electric cars as looking very cool. that is very cool. and it even makes that sound. >>> elmore leonard certainly changed the crime novel. he used to tell other writers, try to leave out the parts people skip. we'll listen to some of his conversations with charlie coming up on "cbs this morning." for pain and swelling? apply cold therapy in the first 24 hours. but not just any cold. i only use new thermacare® cold wraps. targettemp technology delivers a consistent, therapeutic cold to stop pain and start healing. new thermacare® cold wraps. a better way to treat pain. bacon?! gotta get that bacon! smokey bacon, cr
. for example, if you were born in a detroit family in the bottom fifth of the income levels, you would have a 5% chance of making it to the top fifth. but if you were born in san diego, your chances are twice as good. why? we're going to get to the bottom of this. raj chetty is one of the authors of the study. he is an economist at harvard and won the macarthur genius grant last year. je jeff sachs is the author of "the price of civilization." megan mccartle is a journalist who has written for the atlantic and scott is a fellow at the brookings institution. welcome all. raj, what did you think as one of the authors of this fascinating study, what are the big takeaways that you get out of it? >> so the basic fact from this study is that there's a great deal of variation within the u.s. in rates of upward income mobility. so traditionally people often perceive the u.s. as the land of opportunity. as you were saying, recently people have become concerned that upward mobility is declining in the u.s. relative to other countries. what we're showing in this study is actually you should think about th
buffalo, pittsburgh and detroit. chicago unusual waking up on the chilly side across sections of the great lakes and also in the northeast. high temperatures will remain below average. high temperatures in the 70s on average this time of year. 80s as well on average and in new york city. take a look at the forecast today high temperature only 74 degrees. lower humidity as well. feels very fall like out here across parts of the northeast. like you mentioned we are looking at rough weather across sections of the southeast showers and storms 2, 3, locally hire amounts. i don't think flooding will be a major problem. take the umbrellas. >> all right maria, thank you so much. talk to you in 9 next half hour. they are going to help insurance companies but not you. >> it comes as there are new reports and administration officials are having obama care. >> one of the provisions are out of pocket healthcare costs. >> medical conditions could pay twice as much as they would have if the 6300 per person cap was in place. insurance companies which don't necessarily have the same software and computers
the analogy wrong headed. >>> too much information for detroit cops, and state fair rodeo skit aimed at president obama wrestles up a storm. the grapevine is next. pyramids were actually a mistake? uh-oh. geico. fifteen minutes could save you...well, you know. it's a reality check. i had my reality check when i'd be sitting there with my friends who had their verizon phones and i'd be sitting there like "mine's still loading!" i couldn't get email. i couldn't stream movies. i couldn't upload any of our music. that's when i decided to switch. now that i'm on verizon, everything moves fast. with verizon, i have that reliability. i'm completely happy with verizon. verizon's 4g lte is the most reliable and in more places than any other 4g network. period. that's powerful. verizon. get the nokia lumia 928 for free. >>> and now some fresh pickings from the political grapevine. missouri state fair apparently has zero tolerance policy for making fun of president obama. a rodeo clown that wore a president obama mask has been banned for life and the president of the state association has resig
the challenges in front of detroit. >> yes, that was really good. that was really good. >> very nice work. >>> speaking of the consumer, kelly evans talked about it on the i yesterday. >> morning, yeah. >> not your father's volatility is the joking reference here but, in fact, there's quite a bit of important things happening below the surface. gdp report which showed 2.5% growth, critical. what we need to see is that kind of performance repeated in the second half of the year to support interest rates at these levels. look at what's been happening with regard to where we've seen more of the action lately. not in the stock market so much, and we can see the narrow trading ranges we've been in. the vix hasn't gone anywhere. the story is about the volatility, guys, in the bond market. there's a term for this that the fed uses and has been focused on lately. it's called term premium. the fact that we've moved on the ten year. the key interest rate which determines everything from mortgages to speaking the cost of finance across the economy, the fact that that's gone from below 1.7% to almost
, on the other hand, sam, detroit is resilient. it will bounce back shortly. >> detroit? no. i'm sorry. i'm talking about "the daily show." >> come on. >> jess, where exactly are you? >> i'm in front of paula deen's house, john. >> that's interesting. any developments on that story? >> oh, no. i'm actually just here looking for a job. >> what? >> because let me be clear. i'd much rather work for an old lady who's admitted to throwing the n word around than spend six more minutes working for you. >> wow. >> leave john oliver alone. you've done a heck of a job, buddy, and i'm proud of you. >> oh, rob riggle, thank you so much. have you been watching the show this summer? >> uh. no. >> there are so many things about this summer. but i'll miss you most of all, carlos danger. ♪ danger ♪ danger ♪ get on the floor >> mr. lewis black joins me next. it's what you love about her. but your erectile dysfunction - that could be a question of blood flow. cialis tadalafil for daily use helps you be ready anytime the moment's right. you can be more confident in your ability to be ready. and the sam
. i am just outside detroit. i have always been able to find a job and my skill trade. it may not pay what i wanted to. that's what i want it to. wanteday not pay what i to. host: detroit is getting a lot of attention as far as bankruptcy issues and what it means as far as michigan's economy. do you think it has a spillover effect? bad.r: it is pretty i am underwater right now. i bought a condo and refinanced it. up --ndo beneath me went went for 21,000. one guys a realtor and said that value is coming back up. it is going to take a while and i understand that. host: things do not happen overnight. that is brad america look tonight -- on our -- that is brad on our republican line. next caller -- caller: let because he, as a prospective college student, i am seeing some improvement. tennesseeobama was in to try and compromise with the republicans. boehnerans, under john and the tea party that is pushing the tax deal come ever since they got into 2011 -- ident obama has not something that was explicitly endorsed from 35%. need to obviously return to manufacturing. in 2012 that we need t
coming into detroit as well as ink cartridges being filled with explosives and sent to america as well a year after that. a dangerous group. they were being used by al qaeda central now, apparently, to act out and to strike out and that's why the concerns were there, bill. bill: thank you, greg palkot, london there reporting. despite the latest terror threat the white house still contending that the core of al qaeda has been diminished, knocked out. ahead ambassador john bolton on that and what he thinks the terror network's resurgence and what it means for our national security. that is coming up with the ambassador. >> after four years of waiting the trial of the man charged in the 2009 fort hood massacre is about to begin. here is army psychiatrist, major nidal hasan as he looked that day when he admittedly killed 13 people and wounded dozens in an alleged shooting rampage. here is how he looks today as he prepares to represent himself and even cross-examine some of the wounded survivors. now we have casey stiegel there for us. he is live on the base at fort hood. he will join us in
, the 100 bowl. beef oh grady bowl. birmingham bowl and the bowl yet to be named in detroit. atlantic coast conference, have a great day! [ male announcer ] you'll never see weekday lunch the same again! it's red lobster's rlunch. seven selections made for your lunch break, like simp tacos and grilled shrimp salad with soup. all jt $7.99. come inoday for rlunch and sea food differently. >>. >> shep: before the break we told you that the president had cancelled the summit meeting about the russian leader over recent tensions with moscow. one factor in that move in the recent decision to provide temporary asylum to snowden. so, are you surprised? >> snowden is a big part of this. remember there are a lot of other things that are going wrong in the relationship between united states and russia. you showed a photo earlier from the sitdown a few months ago. it's kind of a reflection of the bad relationship they have right now. where is it stemming from? look no further than syria, where united states and russia are two sides of war. they are concerned that russians are funding assad. the u.s. wa
for gritty realism and forceful dialogue, referred to as the dickens of detroit. 26 of his books have been adapted for the big screen, get shorty quoigt out of sight quoi 310 to yuma." we talked about paying tribute to someone of the great writers, we thought one of the best ways was to hear from the man himself. >> i'll come to my desk about 9:30 and work. but i always work until 6:00. rarely have lunch. the idea of lunch doesn't interest me at all, i'm not hungry. i'm just into what i'm doing. i write in longhand, and it's just to me that's writing, you know? and then i put it on a typewriter. i just stop at 6:00 because you got to stop sometime. but, still, yeah, the character, though, could still be in my head. and maybe i might even sound hike that character. maybe all day long i might sound like that character. and my wife might say, well, i know who you are today. i never, ever write from my own point of view. i never use my words. i don't want them to hear me telling them what the -- or showing them what the book is about. i want them immersed in it the same way that i am. but, sti
to detroit tigers' fans trying to rally their guys. detroit's bankrupt. bankrupt. well, looks like sports fans can take a page from the business section. not very nice, though. >>> army major nidal hassan gunned down dozens of people at fort hood and now he wants to be the next to die. they want off the case because they say hassan himself wants to be executed. ed lavandera covering the court-martial in texas for us. ed, what is the very latest on this? >> good morning. we are waiting for court procedure proceedings to bedwgin this morning. this is after everything was dramatically shut down in the courtroom yesterday after the three attorneys that are essentially standing by major hassan's side, he is acting as his own attorney, but the military has invited three attorneys that help him guide through any legal procedural issues. they are not actually speaking in the courtroom because hasan has been doing it. those three attorneys started voicing concerns. hasan is trying to help the prosecution to ensure that he gets the death penalty and those attorneys don't feel like they can stand by
to live under the health care law. and the other reason to defund this is the city of detroit, which is bankrupt, they want to fund some of their bailout by dumping people on to obama care and the funding stream. >> congressmen, there are some of your colleagues that seem timid, they think this is the wrong strategy, i had a debate earlier this week with karl rove, he thinks it's the worst law that's passed in our time, i agree with him. they said it was sold and predicated on a bunch of lies told to the american people. he thinks strategically it should be done different, not in the effort of defunding. every conservative i know wants republicans to defund it. so where are your colleagues on this? >> well, it may literally be the only tool in the toolbox to try to keep the train wreck from happening. and, you know, look, you see the train wreck coming down the track, aren't you going to try to do something to keep that from occurring? the law was never poplar, it's never enjoyed popular support. it's going to get worse when people understand -- right now you go to health care.gov in
in america, but the safest car in the world, and of course, detroit hates that. the other american automobile manufacturers don't actually hate tesla cars, but they do hate the way that they are sold. tesla doesn't use a network of dealerships the way ford, gm and all the other manufacturers too. tesla sells directly to consumers. no dealership middlemen there, none of that stuff. of course, the industry feels threatened by that. and the new model of sales and so car dealers have been lobbying state legislatures around the country to block tesla wherever they can. tesla is a silicon valley start-up. and the tesla cars are made in california. and that liberal regulation, heavy state of california actually allows tesla to do business any way it wants to. so tesla has show rooms in california where they can sell cars directly to consumers. the manufacturers, selling directly through their own show rooms. and you can also order a tesla on line in california. but in rick perry's texas, automobile sales are much, much more regulated by the government. because the automobile dealerships demand it. s
. >> bill: just about a minute left. can i ask you one final question, any hope for detroit? >> well, there is going to be hope because look, after you go hit the bottom, you start moving up again. the one thing i'm concerned about is that the pensions of all of these detroit retirees whose average pension is $19,000 a year which doesn't get you very far, is protected. and fortunately, in the constitution of michigan, pension protection is written in there quite plainly. and the rerepublican of the state bill shooty said those pensions cannot be affected. this is a fallout of the wild speculation and wall street, a gambling that has gone on and now they're asking all of us to pay the price. i don't think retirees -- in any place, there are other municipalities that aren't in such great shape. we want to protect those pensions and then start re-organizing. we have an emergency manager and he's a bankruptcy lawyerer. if you're not paranoid, then you won't feel badly about that. but i was worried about that from the beginning. and what did he do during negotiations? he turned around and
government must step in to ensure the state and local government. the problem detroit faced is that -- >> state, local, and tribal government. >> and tribal government. [laughter] >> okay. >> the problem with detroit, unlike many municipalities that depend on revenue from real estate tax, they run on income taxes. they never recovered from 2001. the black unemployment rate never recovered from 2001. that downturn decimated the revenue stream for the city, and it never came back. if there are banks that are too big to fail, and we have to step in to make sure they function, there are cities that are too big to fail. [applause] >> bankruptcy in one of those cities. >> yes, and so it is not enough for the administration to say, oh, we're behind you, droit. no. we said to wall street, $800 billion we're behind you, so that's being behind me. [laughter] >> okay. behind you, what are the policies? >> so, wall street caused more damage than what we have put into the budget. there needs to be a financial transaction tax because when they gamble, we lose. [applause] they have to pay
't have to look any more at greece and portugal. we can look close by at detroit . folks, that is a picture of where liberal progressive ideas go. detroit was america's premier city. highest per capita income in the country. proud of our country and the auto business there. but then as you had government unions grow and higher taxes, and more regulation, as you saw these liberal progressive ideas that were supposed to help the poor and build a middle class, what have we been left with in detroit? for minorities and the poor? unemployment, about 40%. has it helped children get a better education? only 7% of children in the eighth grade read at the grade level. has it created the prosperity that they talk about when a third of the buildings are empty, where you've got 400ly quor stores and until a few weeks ago not one chain super market in what was america's premier city. folks, it's not a theatrical argument any more. and the states of california and illinois and other states following that policy are not far behind in some form of bankruptcy. our ideas are being show cas
this is the city of detroit, which is bankrupt, they want to fund some of their bailout by dumping people onto obamacare and the funding stream. >> congressmen, there are some of your colleagues that seem timid. they think maybe this is the wrong strategy. i had a debate earlier this week with carl rove. he thinks it's the worst law that was passed in our time. i agree with him. and he said it was sold and p d predicated on a whole bunch of lies told by the american people, but he thinks strategically it should be done different, not through the efforts of defunding. every conservative i know wants republicans to defund it. where are your colleagues on this? >> it may literally be the only tool in the tool box to try to keep the train wreck from happening. and, you know, look, you see the train wreck coming down the track, aren't you going to try to do something to keep that from occurring? the law was never popular, it's never enjoyed a popular support. it's going to get worse when people understand -- right now you go to healthcare.gov in my state and try to click on a few boxes to try to s
, strikes have been staged in new york, chicago, kansas, and detroit, with workers demanding that minimum wage be raised to $15 an hour. at the federal level, of course, congress hasn't raised the minimum wage since 2009 when they pushed it up to $7.25 an hour. now f you calculate the minimum wage for congress itself, the salaries they pay themselves, it's $70 an hour. and that still is nothing to many members of congress. in fact, the hill just released a list of the 50 wealthiest members. on top is representative darrell issa, who clocks in at a diamond encrusted $355 million. >> that's a triple blinger. >> let's spin on the money game. the issa money and the fact these folks pay themselves $70 an hour while they won't up go from $7.25, despite the president's call for a higher minimum wage, tells you a lot about their values and where their priorities are. you don't need $355 million unless, you know -- i'm reminded of something lil' wayne said, which is too much money, it ain't enough money. that's clearly the way some of the members feel when it comes to paying themselves. when you l
. he died in his home in detroit of complications of a stroke. he was 87 years old. >> his work will live on. that is the best thing. >> let's check in with holly morris and see what she is into. hey, holly. >> reporter: this is like herding calf, this is like herding dogs. take a look, pencil, eraser and sharpy, they all need homes. they have a huge adoptathon. also puppy kindergarten, it is available even if you didn't get your dog here. all next on "fox 5 morning news." look at that. hey, it's me, progressive insurance. you know, from our 4,000 television commercials. yep, there i am with flo. hoo-hoo! watch it! [chuckles] anyhoo, 3 million people switched to me last year, saving an average of $475. [sigh] it feels good to help people save... with great discounts like safe driver, multicar, and multipolicy. so call me today. you'll be glad you did. cannonbox! [splash!] ♪ >> some schools are already in session in our area. this morning we are checking in on a very different class where the topics include sit, stay, stop chewing on everything and especially mom's shoes. >> ho
is. jim dryer finishing his swim yesterday morning at belle island beach in detroit. his odyssey monday morning. when he started he was pulling two dinghies carrying 334 bricks. ha. when finished he was only pulling one. >> that was nuts. the swim was a fund raiser for habitat for humanity. dryer said it was symbolic. despite michigan and detroit in particular's troubles, he wanted to show we don't have to sink under the weight of our burdens. >> we should be clear it wasn't that he was carrying one brick. he was carrying one dinghy. half the amount of bricks he had when he started. still incredible feat. and a good cause, too. >> unbelievable. he said the hardest thing was going against the current most of the way. swimming in waves, two to three feet during the day. three to four feet during the night. that slowed down his progress. i think he did just fine. >> well, check this out. apparently he had a couple of hallucinations along the way. including one at night which he describes as a vision of jesus. and he says he saw some ghost ships out there as well. i guess the cold, t
Search Results 0 to 49 of about 74 (some duplicates have been removed)

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